General Question

hughbetcha's avatar

Is there total calculated debt?

Asked by hughbetcha (1points) September 22nd, 2009

Is there total calculated debt
Fannie Mae, Freddie Mac
AIG
GM
Payment for over sea oil
Interest on our debt the countries own (China)
Toxic Assets the government bought
2 Wars Iraq – Afghanistan
National debt
Consumer debt

Is there a total and will it be paid off?

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7 Answers

CMaz's avatar

Putting aside calculating compounded interest on interest.

I do not believe the “debt” is intended or designed to be paid off.
Debt is control. Control is power.

cwilbur's avatar

Yes, there is total calculated debt. The Government Accounting Office (GAO) is required to keep track of it.

Whether it will be paid off or not really depends on what Congress and the American people do over the next few decades.

galileogirl's avatar

Realtime National Debt

http://www.brillig.com/debt_clock/

Until the other entities go into default we will not be responsible tor it,

hughbetcha's avatar

Can this debt be sustained without any consequences?

I am referring to Newton’s Third law of motion for every action there is an equal and opposite re-action

Increasing debt is the motion what would be the opposite re-action?

XOIIO's avatar

There’s actually an iPod app that shows it live!

cwilbur's avatar

@hughbetcha: No, there will be consequences—the most significant among them being inflation and a weakening dollar.

Newton’s Third Law applies to physics, not to economics. There are frequently reactions in economics and finance, but they are almost never immediate, opposite, and equal.

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